In a collaborative effort, State and Federal governments have taken all the right steps in preserving the unclaimed and lost property. The fact that all the lost property from over the years is safe with the government is a great relief for most of the residents who are aware of the fact that they have an unclaimed fund lying somewhere. In a concerted effort with the federal government and other agencies, state governments have simplified the process of funds location and reclaim. The following improvements have been observed as part of the drive to reunite the lost funds with the actual owners…

Almost all the State governments have put up a very practical website which facilitates the claim process for lost funds or property. These websites guides the claimants towards taking the right steps for locating and claiming their lost funds.

Identify and accredit all the private ‘unclaimed property search agencies’ which can be termed as reliable for the search process

State sponsored and managed public fairs assist any unclaimed funds or property owner on a walk-in basis. In most of the cases, on-the-spot claim of funds can be made. These fairs have been able to dispel a lot of myths about the process of unclaimed property claim.

For example if you have some funds which might be lying with some bank in any state, the process for claim is not very complex. One of the most common types of unclaimed money is in the form of unclaimed bank funds. The first task towards retrieving this unclaimed money is to identify the bank where the money might be located and whether the bank is still in business. The history of banks can be found on the Federal Deposit Insurance Corporation’s Web site at www.fdic.gov. Every type of bank can be found under the “bank Find” tab. The unclaimed money can be requested within a period of one and a half years. After that the funds are handed over to FDIC.

Many fund claimants have a very pleasant surprise waiting for them when they discover their checks in the mailbox after only a couple of weeks of claim procedure. With all the information about the claim process laid out clearly on the website, form submission and entry is a very simple task and is performed with only a couple of clicks. With the joint effort of all the authorities, the process and avenues of claim have been simplified to a great extent over the years and after all these modifications, it can be performed by even the most novices of internet operators. Many of the individuals who have successfully reclaimed their lost money have become the advisors and brand ambassadors for state and are helping their fellow citizens to reclaim their lost funds.

According to the Treasury department – “There is no government-wide, centralized information service or database from which information on unclaimed government assets may be obtained. Each individual Federal agency maintains its own records and would need to research and release that data on a case-by-case basis.”

This entry was posted
on Wednesday, January 12th, 2011 at 1:33 pm and is filed under unclaimed money.
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